Starting a new business can be complicated, but putting everything in order makes it so much easier. Based on research and my insider experience working with various businesses, I’ve put together this checklist to help you with everything you might need to start your business properly.
- First things first, do your background checks following the points below.
- Analyze your business idea by doing a SWOT analysis
- Access your strengths and weaknesses as an entrepreneur
- Establish business and personal goals
- Access your financial resources and identify potential resources of funds.
- Identify the financial risks
- Determine the start-up cost
- Decide on your business location
- Do a thorough market research
- Identify your target market
- Identify your competitors
- Develop a marketing plan
To start proper business transactions, it is important to follow the steps below.
- Select a lawyer and an accountant
- Choose a form of organization (proprietorship, partnership, or corporation for example)
- Create your business (register your company’s name, incorporate the business, etc.)
- Prepare a business plan
- Select a banker and set up a business checking account
- Apply for business loans and grants (if applicable)
- Establish a line of credit (if possible)
- Select an insurance agent and obtain business insurance.
